{
  "title": "South Africa: 2013 Article IV Consultation",
  "publication": "IMF Staff Country Reports, October 1, 2013",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/south-africa-2013-article-iv-consultation-40971",
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  "summary": "This 2013 Article IV Consultation highlights that South Africa’s economy has underperformed other emerging markets and commodity exporters, exacerbating South Africa’s already-high levels of unemployment (25 percent) and inequality, and contributing to rising social tensions.",
  "sections": [
    {
      "heading": "Key findings",
      "content": "- South Africa’s economy has underperformed other emerging markets and commodity exporters.\n- High unemployment: 25 percent.\n- Underperformance has exacerbated already-high inequality and contributed to rising social tensions.\n- Weak trading partner growth and declining competitiveness observed.\n- Countercyclical fiscal policy, together with the above factors, has led to rising fiscal and current account deficits.\n- Vulnerability to a prolonged reversal of capital inflows identified."
    },
    {
      "heading": "Outlook and projections",
      "content": "- Growth is projected at 2 percent in 2013.\n- Drivers of the 2013 outlook:\n  - Weak consumption growth.\n  - Lackluster private investment.\n  - Robust public investment.\n  - Higher export growth.\n- Overall outlook: continued sluggish growth and elevated current account deficits."
    },
    {
      "heading": "Balance of payments and external position",
      "content": "- Rising current account deficits noted as a key risk.\n- External vulnerability heightened by potential prolonged reversal of capital inflows."
    },
    {
      "heading": "Public finances and policy stance",
      "content": "- Countercyclical fiscal policy has contributed to rising fiscal deficits.\n- Public investment described as robust despite fiscal pressures."
    },
    {
      "heading": "Labor market and social implications",
      "content": "- High unemployment (25 percent) amplifies inequality and social tensions."
    },
    {
      "heading": "Subjects and topical focus",
      "content": "- Balance of payments\n- Current account deficits\n- External debt\n- Income\n- Labor\n- National accounts\n- Public debt\n- Public debt sustainability analysis"
    },
    {
      "heading": "Keywords highlighted",
      "content": "- Africa, commodity exporter, CR, current account, Current account deficits, debt ratio, deficit, Europe, exchange rate, Global, IMF INS database, IMF South Africa team, Income, inflation expectation, ISCR, JMAP World Bank IMF matrix, Sub-Saharan Africa, terms of trade, U.S. dollar\n\nSource: South Africa: 2013 Article IV Consultation (IMF Staff Country Reports 2013, No. 303).\n\n---\n\n Content in this bundle\n\n- South Africa: 2013 Article IV Consultation; IMF Country report 13/303; July 19, 2013\n  - South Africa: 2013 Article IV Consultation; IMF Country report 13/303; July 19, 2013 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - South Africa: 2013 Article IV Consultation; IMF Country report 13/303; July 19, 2013 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: October 1, 2013",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781616355241.002",
    "South Africa’s economy has underperformed other emerging markets and commodity exporters.",
    "High unemployment: 25 percent.",
    "Underperformance has exacerbated already-high inequality and contributed to rising social tensions.",
    "Weak trading partner growth and declining competitiveness observed.",
    "Countercyclical fiscal policy, together with the above factors, has led to rising fiscal and current account deficits.",
    "Vulnerability to a prolonged reversal of capital inflows identified.",
    "Growth is projected at 2 percent in 2013.",
    "Drivers of the 2013 outlook:",
    "Overall outlook: continued sluggish growth and elevated current account deficits.",
    "Rising current account deficits noted as a key risk.",
    "External vulnerability heightened by potential prolonged reversal of capital inflows.",
    "Countercyclical fiscal policy has contributed to rising fiscal deficits.",
    "Public investment described as robust despite fiscal pressures.",
    "High unemployment (25 percent) amplifies inequality and social tensions.",
    "Africa, commodity exporter, CR, current account, Current account deficits, debt ratio, deficit, Europe, exchange rate, Global, IMF INS database, IMF South Africa team, Income, inflation expectation, ISCR, JMAP World Bank IMF matrix, Sub-Saharan Africa, terms of trade, U.S. dollar",
    "**South Africa: 2013 Article IV Consultation; IMF Country report 13/303; July 19, 2013**"
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